Is your super in order? – June 2014

Is your Super in Order?

Don’t leave it too late

30 June 2014 is just around the corner – June 2014

Now is the time to consider any last minute super contributions, minimum pension withdrawals, and any changes to salary sacrifice arrangements. 30 June is on a Monday this year and its important that you give yourself enough time to make any last minute payments. It is a good idea to review what you’ve done over the year and to be certain of what contributions and pension withdrawals you have already made, so that you can determine the exact payments or withdrawals to be made. Have you considered the following:

Looking after No. 1 – protecting you – June 2014

Looking after No. 1 – protecting you – June 2014

The strange thing about life is that we live as if life is consistent. The reality is that it isn’t – accidents, illnesses, social issues always seem to come as a surprise despite the fact that we know problems commonly occur – just not to us. So, to protect yourself in 2014, here are our top 5 things you should do:

Simple tax saving strategies in 2013/14 – June 2014

Simple tax saving strategies in 2013/14 – June 2014

30 June each year always seems to crop up faster than it should. Understanding what you can do before and after 30 June 2014 can provide the icing on the cake for employees, investors and those in small business. Such things as bringing forward tax deductions or delaying the receipt of income within the rules can mean less tax this year.

What changes from 1 July 2014? – June 2014

What changes from 1 July 2014? – June 2014

Individuals

• Temporary Budget Repair Levy. Adds 2% to the tax rate for every dollar of a taxpayer’s annual taxable income over $180,000

• Increase in the Medicare Levy from 1.5% to 2%

• Superannuation Guarantee charge increases from 9.25% to 9.5%.

• Aged care reforms introduce new assets tests for resident’s accommodation and care fees

Can you plan around the 2% debt tax? – June 2014

Can you plan around the 2% debt tax? – June 2014

The introduction of the debt tax, or the Temporary Budget Repair Levy as it is formally known, may be the only certainty in the Government’s first Federal Budget delivered on 13 May.

For those likely to be affected by the debt tax, the most common questions asked are; will the debt tax become law and, will I have to pay it? The answer is probably yes, and it depends.

The rest – co payments for doctors visits, deregulated university fees, cuts to family benefits, tightening of access to disability pensions, increasing the pension age to 70 etc., – are still in limbo.

Easy come, easy go: The PPSR & your business – June 2014

Easy come, easy go: The PPSR & your business – June 2014

The PPSR is a national register of who has security over different forms of property (other than land and buildings). If you sell goods under retention of title or consignment arrangements, if your business hires or leases goods or equipment to others, if you buy or sell used goods, you need to ensure your security interests are registered or risk losing that property.

Selling shares or property? Why the ATO is looking over your shoulder – June 2014

Selling shares or property? Why the ATO is looking over your shoulder – June 2014

Data matching helps the ATO identify taxpayers that have not declared the full amount of income they make on their tax return. They are now looking to expand the sources of data they match to make sure they get every last cent owing from the 12.4 million individual income tax returns lodged.

SuperStream delayed – June 2014

SuperStream delayed – June 2014 The Government has announced that superannuation funds have until 1 July 2015 to implement the new SuperStream contributions data standards. The Government has stated it remains committed to SuperStream.

A Word from Ben Brockhurst – June 2014

A word from Ben Brockhurst at KSR Equities – June 2014

Off-market share buybacks: A significant opportunity for SMSF’s

There is wide speculation that BHP is likely to offer investors an off-market share buyback over the coming months (AFR March 17th ‘BHP Billiton flags buyback’). Such buybacks generally cause ripples of excitement throughout the investment community – and for good reason! If your SMSF holds shares in a company that offers you an off-market share buyback – then such offers have been very profitable in the past. However, even if your SMSF does not yet hold shares in the company, you may still be able to take advantage of it – if you (or your adviser) are able to evaluate the offer and act quickly.